5 current and former junior bankers explain what their daily schedules are really like as burnout mounts: ‘Ninety-five hours a week, that’s nothing special’

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Welcome to this weekly roundup of stories from Insider's Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

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Here's what's trending this morning:


Confessions of Wall Street's burned-out junior bankers

From Reed Alexander:

Wall Street is a picture of growing discontent among junior staffers.

In response to mounting accounts of burnout throughout junior levels, banks and private-equity firms have begun to elbow one another in a crush to offer young talent the most desirable perks and steer them away from defecting. You can get the latest on what firms such as Goldman Sachs, Apollo Global Management, and Credit Suisse are doing here.

Insider interviewed five current and recently departed analysts in investment banking to get the perspective of junior bankers during the early years of their careers. All these bankers spoke on the condition of anonymity to speak freely about their experiences. Their identities are known to Insider.

"I'm working on a deal right now where some of my coworkers in the bank worked last night until 5:30 a.m," one banker said. "Ninety-five hours a week, that's nothing special. For the most part, everyone's working those hours."

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Female former employees say they faced sexism at Fine Brothers Entertainment

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From Lindsay Dodgson:

Fine Brothers Entertainment, or FBE, is best known for its "react" videos, in which children, teens, adults, and FBE staff are filmed watching clips, listening to music, eating strange foods, and taking part in games.

FBE's content has become a staple of YouTube, mirroring the trajectory of founders Benny and Rafi Fine themselves, who experienced meteoric success since their early videos. On YouTube, FBE has attracted 30 million subscribers, and in June 2020 it raked in 300 million views a month.

Yet interviews with 26 former employees and cast members paint a different picture. In addition to allegations that they experienced a toxic culture and racism when they worked there, some of these employees alleged that they experienced or witnessed casual sexism at the company that they said went to the top of management.

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Meanwhile, here's the latest on the David Dobrik Vlog Squad scandal:


It's actually a horrible time to buy a house

homeownership expensive trap

From Taylor Borden:

Just because all your friends jump off a bridge doesn't mean you should, too.

This ominous parental warning seems apt for the times: Millions of Americans have taken the plunge into homeownership over the last year, but that may not be the right decision for everyone.

Home prices nationwide are hitting unprecedented peaks, propelled by low mortgage rates. The underlying problem is a grave imbalance between supply and demand. The infinitesimal number of homes for sale is outweighed by the enormous pandemic-fueled desire for a home of one's own. Stay-at-home orders reminded people how much they crave bigger, better spaces to quarantine.

"Frankly, it may not make sense to buy at this moment," said Scott Trench, the CEO of the real-estate-investing resource BiggerPockets. "Frantically trying to buy 'something' is a great way to make a bad purchase."

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Hedge funds are ramping up bets against Chamath Palihapitiya's SPACs

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From Vicky Ge Huang:

The billionaire investor Chamath Palihapitiya says he loves SPACs because they level the playing field between ordinary folks and big Wall Street investors. The latter group is now pouncing on his three special-purpose acquisition companies amid a slump in performance.

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Lastly, don't forget to check out Morning Brew - the A.M. newsletter that makes reading the news actually enjoyable.

Here are some headlines you might have missed last week.

- Matt


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